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Everyone will be watching oil prices (CL=F) as the markets continue to react to President Donald Trump’s decision to withdraw from the Iran nuclear deal. On Wednesday, light sweet crude oil prices were at $71 per barrel, up 2.8% on the day. On the calendar, on the economics side, the only notable data set for release Wednesday will be the April reading on producer prices.

And on the earnings calendar, notable results expected out Wednesday should include earnings from 21st Century Fox (FOXA), Mylan (MYL), Roku (ROKU), and IAC/Interactive (IAC). Fox’s results and the conference call that follows will be closely tracked by markets in the wake of this week’s news that Comcast (CMCSA) has prepared a $60 billion cash offer to acquire the company’s studio and film assets that it agreed to sell to Disney (DIS) in late 2017.

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(AP Photo/Evan Vucci)

Trump’s pull out from Iran deal deepens US isolation: President Donald Trump withdrew the U.S. from the landmark nuclear accord with Iran, abruptly restoring harsh sanctions in the most consequential foreign policy action of his presidency. He declared he was making the world safer, but he also deepened his isolation on the world stage and revived doubts about American credibility. [AP]

The lone loser in Disney’s big quarter‘: Walt Disney’s (DIS) earningson Tuesdaysmashed Wall Street expectations and confirmed what filmgoers already knew: Marvel’s “Black Panther” was a massive, hulking winner for the Mouse House. The movie has now generated more than $1.3 billion at the box office, driving profits for Disney’s Studio Entertainment division up 29% to $847 million. But there was a dark cloud in Disney’s film business in the quarter: “A Wrinkle in Time.” [Yahoo Finance]

Facebook undergoes a huge executive reshuffle: Facebook (FB) is undergoing one of the biggest executive reshuffles in its history, the company announced internally today, Recode reports. Mark Zuckerberg is still the king of the castle, but everything below him is taking a different shape as WhatsApp, Messenger and Facebook’s Core app get new leaders. [TechCrunch]

AT&T says it hired firm linked to Cohen for advice on Trump: AT&T Inc. (T) said on Tuesday it had hired Essential Consultants, a company linked to Donald Trump lawyer Michael Cohen, to advise it on working with the new administration in early 2017, around the time of Trump’s inauguration. The business arrangement illustrates efforts by the telecommunications company to work with an influential adviser to the new president as his administration took up major industry issues and considered its $85 billion proposal to buy Time Warner Inc. [Reuters]

A resident inspects lava next to a destroyed home located 250-feet from her home, which remains standing, in the Leilani Estates neighborhood in the aftermath of eruptions from the Kilauea volcano on Hawaii’s Big Island on May 7, 2018 in Pahoa, Hawaii. The volcano has spewed lava and high levels of sulfur dioxide gas into communities, leading officials to order 1,700 to evacuate. (Photo by Mario Tama/Getty Images)